Kuwaiti banks offer 6-month loan repayment relief to all clients

Major banks in Kuwait announced that they are postponing repayment of loan and credit card installments for six months of all clients due to the current circumstances in Kuwait in light of the exceptional government procedures to curb the spread of the coronavirus (COVID-19). Interest and fees accrued during this period will also be waived, a number of banks including Gulf Bank, the National Bank of Kuwait, Kuwait Finance House, Warba Bank and others said in statements posted on their social media accounts.

Meanwhile, Kuwait Banks Association (KBA) urged all bank clients to ignore calls or text messages asking them to reveal any information or data related to their personal bank accounts, such as the account number, pin code, OTP, etc. This comes after many clients reportedly received scam calls from people asking them for their personal information to allegedly process transactions for postponement of installment payments. Banks have not made any such calls or sent similar messages to clients, nor do they plan to do so, KBA said in a statement.-K.T.